Brad and Angie had the following income and deductions during 2014:
Calculate Brad and Angie's tax liability due or refund, assuming that they have 2 personal exemptions. They file a joint tax return.
Definitions:
Self-dealing
Conduct by a fiduciary or a person in a position of trust that involves taking advantage of their position for personal gain at the expense of those to whom they owe a duty.
Agent
An individual or entity authorized to act on behalf of another person or entity, known as the principal, in transactions or legal matters.
Fiduciary Duty
The legal obligation of one party to act in the best interest of another party, such as the responsibility of a trustee to safeguard the interests of the beneficiaries.
Compensation
Payment or rewards provided in exchange for services or to cover losses or damages.
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